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2005-5-12 02:52:00 p.m. HKT, XFNA
Hong Kong-listed Vision Century eyes 1 bln hkd Shanghai real estate projects
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HONG KONG (XFN-ASIA) - Vision Century Corp Ltd said it may buy from
shareholder Fraser & Neave Ltd (F&N) majority interests in property
development projects in Shanghai worth 1.02 bln hkd.
Vision Century said F&N is offering the properties in exchange for new
company shares.
It said that F&N ""independently"" proposed the deal and added that
negotiations on the acquisition are at a ""very preliminary stage.""
Fraser & Neave Investments (Hong Kong) Ltd owns a 50 pct stake in parent
Vision Century Ltd.
Under the proposed deal, Vision Century will issue new company shares to
F&N at 0.19 hkd each to pay for the acquisition.
It said that the issue of new shares will bring F&N's shareholding in
Vision Century Corp to more than 30 pct.
The properties being proposed for development include a 1.4-hectare lot
in Shanghai City and two pieces of land with a combined area of 70 hectares
in the suburban area of Shanghai.
At the end of the morning session, Vision Century was sharply up 0.022
hkd or 15.9 pct at 0.15.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
lw/swp
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